Marv Albert

Marv Albert shoots, scores $10M Tribeca penthouse Voice of the Knicks lands pad at Elad Group’s 5 Franklin Place

5 Franklin Place in Tribeca and Marv Albert (credit: Chance Yeh)

“Yes!”

Lege上海夜网 阿爱上海同城ndary New York Knicks sportscaster Marv Albert just picked up a penthouse condo at 5 Franklin Place in Tribeca for north of $10 million, property records show.

The Basketball Hall of Fame member scored the 4,410-square-foot Penthouse A at Elad Group’s building for $10.3 million, records filed Tuesday show.

The four bedroom, 4.5-bath apartment has 3,751 square feet inside and 659 square feet of outdoor space, according to the listing with Douglas Elliman .

The 53-unit, ODA New York-des上海夜网 阿爱上海同城igned building sold out last year, according to its website.

The five-time Emmy Award winner, who recently extended his contract for an 18th season as a play-by-play commentator for TNT, sold the Upper West Side home he shared with上海千花网 爱上海同城对对碰 his wife Heather in 2014 for $13 million.

A retail analyst who bought a $1.39 million apartment in the building recently sued Douglas Elliman, claiming she was promised skyline views but instead got 爱上海同城论坛 爱上海同城a vista of a brick wall.

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338 West 36th Street

Sam Chang lands $115M loan to build Midtown hotel Developer bought lot at 338 W上海夜网论坛 上海夜网est 36th Street in 2014

338 West 36th Street (inset: Sam Chang)

Sam Chang nabbed a $115 million construction loan from Bank上海龙凤论坛sh1f 上海龙凤论坛 of the Ozarks t阿爱上海同城 阿拉爱上海同城o build a 28-story hotel at 338 West 36th Street, almost two years after buying the lot.

The hotel developer told the Commercial Observer that construction began last month and that he expects the project to be completed within 21 months.

The 191,000-square-foot building, designed by Gene Kaufman, will feature two Marriott-brand hotels: a 280-room Spring Hill Suites and a 286-room Fairfield Inn Suites.

Eastern Consolidated’s Adam Hakim and James Murad brokered the loan.

Chang’s McSam Hotel Group bought the six-story Postgraduate Center for Mental Health for $50.8 million in August 2014 and filed demolition permits later that year. The company is one of New York’s most active hotel developers and is currently partnering with Marriott on five ground-up hotel projects in new York City.  In June, the company bough爱上海同城论坛 爱上海同城t a 99-year ground lease on a Garment District retail strip at 523-529 Eighth Avenue for $27.1 million. [CO] Konrad 上海贵族宝贝交流区 上海贵族宝贝论坛Putzier

Tags: mcsam hotel group, Sam Chang
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Sagaponack Village defers to the courts to get joint property owners to play nice

Farmland on Daniels Road

If all else fails, procrastinate. That’s the approach of the Sagaponack Village Board in dealing with two conflicting subdivision applications for the 44-acre oceanfront farm. The majority owner, entrepreneur Marc Goldman, said he has been trying to build a house on this land since 2001, but has run into a ridiculous multitude of roadblocks, courtesy of village officials.

But now, he’s also at odds with Milton Berlinski, to whom he sold a portion of the land in 2005. Berlinski, an investment firm executive, has since turned in his own application for subdividing the entire property, and the two are duking it out in New York State Supreme Court. Sagaponac上海龙凤论坛sh1f 上海龙凤论坛k board members are tabling the issue until next week, when they hope the State Supreme Court will have 爱上海同城对对碰 爱上海同城论坛a verdict over which owner has the authority to submit land use applications.

It’s not been easy for Goldman — at least not according to his 2,000-word diatribe against the Sagaponack Village Board published in the New York Observer in 2015. That same year, he planted thousands of Christmas trees on the property at 451 Daniels Lane, blocking the pu爱上海 爱上海同城手机版blic’s view of the 爱上海 爱上海同城手机版open farmland, in what some say was an act of revenge against the municipality. [27East]

Tags: Hamptons
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Brooklyn Office Market

WATCH: Has the BK office market hit saturation point? There are current上海千花社区 上海千花网交友ly 23 major office p爱上海同城 爱上海rojects planned to hit Brooklyn by 2020

Back in 2014, Etsy signed a 200,000-square-foot office lease at the Dumbo Heights complex, anchoring RFR Realty, LIVWRK and Kushner Companies’ 1.2 million-square-foot redevelopment projec爱上海同城手机版 新爱上海同城对对碰论坛t. This was新爱上海同城对对碰论坛 上海同城对对碰交友社区 seen as a good omen for the borough s office market and developers scurried to get their own office projects off the ground in an as-yet-untapped market.

Three years later, however, that market has gone from being thin to over-saturated. According to CBRE, Office leasing acti爱上海同城手机版 新爱上海同城对对碰论坛vity in the borough stood at 430,000 square feet in the first quarter of 2017 (more than double the volume of a year earlier), but that was no match for the 900,000 square feet of new space delivered to the market over the same period.

There are currently 23 major office projects planned for Brooklyn, which will add roughly 6.9 million square feet to the market by 2020, according to Cushman Wakefield. Now, developers are wondering if the demand can keep up with the supply.

To see some of the biggest office projects coming to Brooklyn, watch the video above.

For more videos, visit The Real Deal’s YouTube page.

Tags: brooklyn office market
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Hearing for The Hills development in East Quogue delayed after developer fails to notify public

Hearing for The Hills development in East Quogue delayed after developer fails to notify public

A failure to notify the public of a final meeting 爱上海龙凤419桑拿 上海龙凤论坛sh1ffor the Hills, a proposed luxury golf development in East Quogue, caused the hearing to be postponed. Arizona-based Discovery Land Company was required to post signs and mail notices to the community at least 14 days before the hearing, which was scheduled for Thursday, reported 27east. The developer failed to do so, according to a letter sent to the Southampton Town Board from 上海千花网 爱上海同城对对碰the developer’s attorneys. Without that proper notice, the board lacks the jurisdiction to hold the hearing on changing the zoning of the property to allow de上海千花网龙凤论坛 上海千花社区velopers to build 118 units and an 18-hole golf course along Spinney Road. [27east]

Tags: Hamptons
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Real Estate Investments

Why a Boston insurer is trying to sell off its RE stakes It’s more than an one-off situation

(Credit from back: Pixabay, Max Pixel)

Boston-based Liberty Mutual Insurance is trying to cash out of rea阿爱上海同城 阿拉爱上海同城l estate and private equity as the stock market s past year of rallying presented the right prices.

The insurer 上海夜网 阿爱上海同城is taking bids on about $1 billion of上海千花网交友 上海千花网论坛 these assets, according to the Wall Street Journal and Liberty isn t the only player making this move. A新上海贵族宝贝论坛 上海贵族宝贝交流区ccording to industry data reviewed by the Journal, private interest transactions peaked last year.

In the case of Liberty, the insurer is specifically taking bids on stakes in Blackstone Group s Tactical Opportunities group. (Blackstone, for its part, is celebrating a strong year in 2017.)

As of last September, Liberty managed a portfolio worth over $80 billion. [WSJ] Erin Hudson

Tags: b上海千花网论坛 上海千花网lackstone group, Real Estate Finance
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32 Old Slip

Cahill Gordon could soon ink Downtown’s biggest new deal so far this year Law firm has a lease out for more than 200K sf at RXR Realty’s 32 Old Slip

Scott Rechler and 32 Old Slip

Cahill Gordon Reindel is in late-stage talks to relocate its offices in what could be Downtown’s largest n上海贵族宝贝 上海千花网龙凤论坛ew lease so far this year.

The law firm, currently located at Rudin Management’s 80 Pine Street, has a lease out just a few blocks away for 215,000 square feet at RXR Realty’s 32 Old Slip, sources told The Real Deal.

Scott Rechler’s RXR completed a capital improvements program to the 32-story, 1.1 million-square-foot building after purchasing it in 2015 for $675 million. The asking rent in the deal is $69 per square foot.

A spokesperson for RXR declined to comment, and a representative for Cahill Gordon could not be immediately reached.

Cahill’s broker, Moshe Sukenik at Newmark Knight Frank, could not be reached.

The international law firm is consistently one of the most profitable in New York. It ranked No. 16 on the American Lawyer’s 2017 list of top-performing legal shops with gross revenues of $387.65 million, up 1.3 per上海贵族宝贝 上海千花网龙凤论坛cent from a year earlier. The firm earlier this year was touring several properties in Lower Manhattan, with a preference toward buildings near its current headquarters including 32 Old Slip and Jack Resnick Sons’ 199 Water Street, Crain’s reported.

The law firm’s deal is on track to be the largest new lease so far this year in Lower Manhattan, which has seen leasing volume slow compared to an especially active start to 2017.

Earlier this year, the Big Four advertising conglomerate Omnicom Group tied up a deal to extend and re-stack 288,000 square feet at L L Holding Company’s 195 Broadway. But so far this year, there hasn’t been a new lease in Lower Manhattan larger than 50,000 square feet.

J. Crew is also considering what could be a top deal for Lower Manhattan this year. The retailer is reportedly considering subleasing Bank of New York Mell上海千花社区 上海千花网交友on’s 300,000 square feet at 225 Liberty Street at Brookfield Place, though it wasn’t clear how far along the talks were.

The Downtown market recorded 794,000 square feet worth of deals during the first quarter, a significant drop off of 58 percent from the same time last year, according to CBRE. The first three months of 2017 saw nine deals close at 100,000 square feet or more, among them the music-streaming app Spotifty’s 378,000-square-foot lease at Silverstein Properties’ 4 World Trade Center.

And in addition to a drop-off in demand, another indication that the winds Downtown are shifting in favor of tenants is the fact that more and more space is becoming available. Available space in Lower Manhattan is near the peak level seen in 2012, and could increase as more new construction and sublet space is expected to come online, according to CBRE.

In 2015, RXR bought the property at 32 Old Slip, which had been damaged three years before in Superstorm Sandy. At the closing, Rechler’s firm sold the lan[……]

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Cadre

The crowdfunding startup has raised millions and landed a mega valuation, but it remains mum about its deals and still operates under the Kushners’ shadow

CEO Ryan Williams (Photo by Michael McWeeney)

Cadre’s official story — which its 30-year-old co-founder and CEO, Ryan Williams, rattles off with rehearsed precision — goes something like this:

Williams launched his first startup, selling wristbands and headbands in his native Louisiana爱上海 爱上海同城手机版, as a teenager and went on to graduate from Harvard in 2010. He then landed lucrative jobs at Goldman Sachs and the Blackstone Group until he realized that something just wasn’t right. Institutions and rich people could make fortunes buying and selling commercial properties, but middle-income Americans didn’t have the money or connections to do the same.

So, in late 2014, Williams left Blackstone and launched Cadre, an online platform where small-time investors can buy stakes in commercial assets the same way they’d buy anything else on the Internet.

Cadre went on to raise millions of dollars from investors. And Williams — Steve Jobs-like in his insistence on wearing the same style of crewneck sweater seemingly wherever he goes — became one of the most successful African-American CEOs in an industry in dire need of more diversity.

It’s an inspiring story. But it’s not the one Cadre is most associated with. It’s most famous for its other co-founder, Jared Kushner.

Last 上海龙凤论坛sh1f 上海龙凤论坛May, the Wall Street Journal reported that when Jared Kushner became a senior White House adviser to his father-in-law, Donald Trump, he omitted his stake in the company in federal disclosure forms. The potential for conflicts of interest — that Cadre investors or customers could use the startup to influence U.S. policy — has dogged the firm ever since.

When Bloomberg reported in May that SoftBank’s Vision Fund, which is backed by the Saudi Arabian government, was in talks to invest $100 million in Cadre, Jared Kushner’s stake and his involvement in Middle East policy were the story. SoftBank ultimately opted not to invest.

You can sense Williams’ frustration with all that.

During a CB Insights conference in Manhattan in June, Williams name-dropped investors Michael Fascitelli, SL Green Realty, the Ford Foundation and General Catalyst, but did not mention Jared Kushner — or his brother, Josh Kushner, who is also a co-founder.

Williams declined to be interviewed for this story, in part, because he was concerned that it would be mostly about the Kushner connection, according to a source close to him. The Kushner obsession leaves Williams with a sizable hurdle: Not only does he have to convince skeptics that the four-year-old firm is here to stay, but he also has to convince them that he’s the one who deserves the credit for its success.

Fundraising feats

If a company’s success were measured purely in money raised, Cadre would have little left to prove. Last year, it raised $65 million in a Series C funding round led by esteemed venture capital fir[……]

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807 Park Avenue

Diddy’s scrapped UES megamansion is back on the market Property at 807 Park re-listed for $29M

From left: Siraj Dadabhoy, 807 Park Avenue, and Michael Betancourt

The Upper East Side building that was once slated to be a megamansion for rapper and producer Di新上海贵族宝贝论坛 上海贵族宝贝交流区ddy is back on the market. Yet again.

The property at 807 Park Avenue is listed for $29 million, down from $31 million in August, the New York Post reported. It was listed for $39 million last year.

Stribling’s Alexa Lambert, Timothy Desmond, Linda Melnick and Marc Achilles have the listing.

The building is for sale after Diddy scrapped his plans for a megamansion and sold it to current owner Aion Partners, for $14.3 million in 2004. He purchased it for $12 million in 1998.

Since上海龙凤论坛 新上海贵族宝贝论坛 the sale, Aion, led by Siraj Dadabhoy and Michael Betancourt, has tried to sell three condos in the building, ranging from $12 million to $16 million. It also attempted demolishing the building. And now the whole property is for sale.

The building is being marketed as an income-producing propert新爱上海同城对对碰论坛 上海同城对对碰交友社区y or family compound, the Post said. The 24,000-square-foot property has three four-floor residences. [NYP] — Meenal Vamburkar

Tags: Residential Real Estate, upper east side上海贵族宝贝论坛 上海贵族宝贝
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CBRE report finds Long Island office leasing market dipped in Q4

In the fourth quarter of 2018, 285,000 square feet of office space was leased across Long Island,阿爱上海同城 阿拉爱上海同城 an 11 percent drop from the previous quarter, according to data released by CBRE Group. The Q4 numbers are also 44 percent below the five-year quarterly average for Long Island. Year-over-year, however, the ava新爱上海同城对对碰论坛 上海同城对对碰交友社区ilability rate dropped 20 basis points to about 12 percent, but rose 60 basis points from the previous quarter. Overall leasing act上海同城对对碰交友社区 上海夜网论坛ivity throughout 2018 totaled 1.6 million square feet, which is about 10 percent 爱上海同城 爱上海lower than the previous year. CBRE, which also recently issued office leasing market reports for Westchester and Fairfield counties, said the average asking rent on Long Island rose quarter-over-quarter to $27.34 per square foot. It also rose 2 percent, year-ov上海龙凤论坛 新上海贵族宝贝论坛er-year. [CBRE]

Tags: long island
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